Credit Card Center Advertiser Disclosure

Posts: 90
Registered: ‎11-12-2010
0 Kudos

Re: File for BK but withdraw it, effect on credit?.

I accept I'm responsible for the student loans and they are not going  away in a BK. Even so, by discharging the credit card debt, $900 a month, it will make it possible for me to pay my student load debt, $400 a month.


I don't want to file BK period and keep searching for an alternative to deal with the credit card debt. I've already negotatied most cards down on interest rate, but it's still too big a burden being unemployed.

Moderator Emeritus
Posts: 4,469
Registered: ‎12-31-2008
0 Kudos

Re: File for BK but withdraw it, effect on credit?.

[ Edited ]



Congrats on meeting with your BK attorneys.

Their job is to give you information and alert you to options.

Now, as you move forward, you have a chance to put the information to good use, make some decisions and take care of things.


BK is sometimes the best and most appropriate option for folks.  I filed CH 13 BK, which distressed me greatly.  It was the right thing to do given the situation.  You are the only one who can weigh your options and make the decision that's right for you. 


When you met with your attorneys, they were able to tell you what the benefits and drawbacks of the BK were, if it was appropriate for your situation, and how it would allow you to best work with your other creditors.  When you're ready, it will be your turn to make a decision; and take the most appropriate steps for you.


And again, all the best wishes to you!



ETA:  carolina, back to your original post, "how does that affect my credit and credit score?"


Withdrawing a BK, as we touched on earlier, will not change the impact of the BK on your FICO score (although FICO score is not the be all and end all of life - consideration must also be given to what financial decisions serve you best now and in the long term).


The effect of BK on your score varies considerably, depending on what your current score is and what other items are on your report.

With a BK on your CR, with good management of other accounts on your report, your FICO score can easily be in the 700's - and up to 759 according to some reports. 

Just puttin' syrup on something, don't make it pancakes.

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.